TC Ord. No. 1986-216-17( n A)6, 8l~
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i •
TOWN OF AVON
ORDINANCE NO. 86-21
SERIES OF 1986
AN ORDINANCE AUTHORIZING EXECUTION OF CERTAIN EQUIPMENT
LEASE AGREEMENTS
BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN
OF AVON, COLORADO:
Section 1. That certain Equipment Lease Agreement,
together with its exhibits A, B, and C, copies of which
agreement is attached hereto as Addendum I, and the terms of
each are hereby approved, and the acquisition of the municipal
properties described therein are hereby authorized.
Section 2. The Mayor and Town Clerk are hereby
authorized and directed to execute said Equipment Lease
Agreement.
INTRODUCED, PASSED ON FIRST READING, APPROVED AND
ORDERED POSTED, THIS 26th day of August , 1986 and a
public hearing on this ordinance shall be held,at the regular
meeting of the Town Council of the Town of Avon, Colorado, on the
9th day of September , 1986 at 7:30 p.m. in the municipal
building of the Town of Avon, Colorado.
Allan R. ttingham, Mayor
ST
atricia J. Doy e,'Town Clq!
INTRODUCED, PASSED ON SECOND READING, APPROVED AND
ORDERED-- POSTED THIS day of , 1986.
Allan R. Nottingham, Mayor
ATTEST:
Patricia J. Doyle, Town Clerk
0
STATE OF COLORADO )
COUNTY OF EAGLE ) SS
TOWN OF AVON )
E
NOTICE IS HEREBY GIVEN OF A PUBLIC HEARING BEFORE THE TOWN
COUNCIL OF THE TOWN OF AVON, COLORADO, AT 7:30 P.M. ON THE
9th DAY OF September , 1986 AT THE MUNICIPAL BUILDING,
400 BENCHMARK ROAD, AVON, COLORADO FOR THE PURPOSE OF
CONSIDERING THE ADOPTION OF ORDINANCE NO. 86-21, SERIES OF 1986:
AN ORDINANCE AUTHORIZING EXECUTION OF A CERTAIN EQUIPMENT
LEASE AGREEMENT
A copy of said Ordinance is attached hereto and is also on file
at the office of the Town Clerk and may be inspected during
regular business hours.
Following this hearing, the Council may consider final passage
of this Ordinance.
This notice given and passsd by order of the Town Council of the
Town of Avon, Colorado.
Dated this 27th day of August , 1986.
TO '-OF A~OON, COLORADO
P tticia J. Doy , Town Cle
POSTED AT THE FOLLOWING PUBLIC PLACES WITHIN THE TOWN OF AVON
August 27 , 1986:
THE MAIN ENTRANCE OF THE POST OFFICE
THE MAIN ENTRANCE TO CITY MARKET
THE PESTER GAS STATION; AND
THE MAIN LOBBY OF THE MUNICIPAL BUILDING
B COLVRADO NATIONAL •
CN
tm LEASING, INC.
August 7, 1986
Mr. Bill James
Town of Avon
P. 0. Box 975
Avon, CO 81620
Dear Bill:
On behalf of Colorado National Leasing, Inc. ("Lessor"), we are
pleased to outline our proposal to finance the Equipment described
below:
Lessee:
Town of Avon
Lessor:
Colorado National Leasing, Inc., reserving
the right to syndicate the transaction to
other corporations. Lessee agrees to
cooperate in any such syndication.
Description
of Equipment:
Orion 35' bus to your specifications.
Cost of Equipment:
Not to exceed $126,300
Rentals:
Interest
Term Paid Factor Payment Rate
5 yrs. Monthly .02005 $2,532 7.8%
See attached amortization schedules
Form of Transaction:
This transaction is a net lease under
which all costs of operating, maintaining
or insuring the Equipment, and taxes and
other claims associated with its use will
be paid by lessee. Lessee will comply
with all laws and regulations concerning
use of the Equipment. For federal income
tax purposes, Lessor and Lessee will
characterize this transaction as a munici-
pal tax-exempt lease.
950 Seventeenth Street
Suite 2400
Denver, Colorado 80202
(303) 629-7750
•
Disposition of Equip-
ment at End of Term:
Income Tax Benefits:
Approval of Transaction:
•
Lessee agrees that it will purchase all of
the leased Equipment at the maturity of
the lease for $1.00.
The foregoing lease amortization rate and
basic rent payments are based on Lessor's
receiving all available income from the
Lease on a tax-exempt basis based on the
assertion made by Lessee that it is a
political subdivision of the state of
Colorado.
The proposed lease is subject to (i)
approval of Lessor's Investment Committee,
(ii) in the opinion of Lessor there is no
adverse change in Lessee's financial con-
dition prior to Lessee's acceptance of the
Equipment, (iii) no change in ownership of
the Lessee prior to Lease funding, and
(iv) all appropriate documentation satis-
factory to Lessor, Lessors legal counsel
and to Lessee.
Deposit: Upon Lessee's acceptance of this proposal,
Lessee shall pay Lessor a good faith de-
posit of $500.00. Such deposit is non-
refundable in its entirety if this
proposal is approved by Lessor, however,
it will be applied towards advance rent.
If Lessor's Investment Committee does not
approve this transaction, the deposit will
be refunded to Lessee in full, less any
expenses referred to below which are
incurred by Lessor.
Fees and Expenses: All legal, appraisal and other fees and
expenses incurred by Lessor in connection
with the proposed lease are to be paid by
Lessee. If the lease is not consummated,
these expenses will be deducted from the
deposit when refunded as provided above.
Any deficiency is to be paid by Lessee.
Documentation: Lease will be documented on Colorado
National Leasing, Inc. documents.
LJ
Funding: All Vendors, Manufacturers or Suppliers
will be paid promptly by Colorado National
Leasing, Inc. after all documents have
been properly executed.
Financial Statements:
Expiration
of Proposal:
Lessee shall furnish Lessor with all
appropriate financial statements and other
such credit information and documentation
so that Lessor may make a credit decision
on this proposal.
This proposal expires 15 days from today's
date.
If the foregoing meets with your approval, please so indicate by
signing this letter in the space provided below and returning it to
the undersigned. Upon receipt of all required items, including the
required deposits, the proposal will be submitted to our Investment
Committee for review.
This letter outlines the principal terms and conditions of our propo-
sal, but should not be construed as a commitment until it has been
accepted by you and approved by us.
Sincerely,
l
Kenneth B. Shuss
Lease Marketing Officer
ACCEPTED AND AGREED TO THIS DAY OF , 19
TOWN OF AVON
By
Title
•
Lease No.
EQUIPMENT LEASE AGREEMENT
(Municipal Lease)
This Lease is made this day of
between Colorado National Leasing, Inc.,
Corporation ("Lessor"), and the
a Colorado
, 19
( "Lessee") .
In consideration of the mutual covenants and promises
herein set forth, the parties agree as follows:
1. LEASE. Lessor hereby leases to Lessee, and Lessee
hereby leases and hires from Lessor, the property, machinery
and equipment ("Equipment") described in the Equipment
Description (Exhibit A attached hereto and made a part
hereof).
2. TERM. This Lease shall commence on the date hereof
and unless sooner terminated as provided herein, shall
expire year(s) from the date of first delivery of
any item of the Equipment.
3. RENT. Rent for the Equipment shall be in the amount
set forth in the Equipment Lease Schedule (Exhibit B
attached hereto and made a part hereof). Lessee shall pay
Lessor such rent in the amounts and at the times set forth
on Exhibit B at the office of Lessor in Denver, Colorado, or
to such other person and/or at such other place as Lessor
may from time to time designate in writing.
4. USE. Lessee shall use the Equipment in a careful
and proper manner and shall comply with all applicable
governmental laws, ordinances and regulations in any way
relating to the possession, use or maintenance of the
Equipment. If at any time during the term hereof Lessor
supplies Lessee with labels, plates or other markings,
stating that the Equipment is owned by Lessor, Lessee shall
affix the same to a prominent place on the Equipment.
5. LESSEE'S INSPECTION; WARRANTY DISCLAIMER.
(a) Lessee shall inspect the Equipment within
forty-eight (48) hours after receipt thereof. Unless Lessee
within such period of time gives written notice to Lessor,
specifying any defect in or other proper objection to the
Equipment, Lessee agrees that it shall be conclusively pre-
sumed, as between Lessor and Lessee, that Lessee has fully
inspected and acknowledged that the Equipment is in good
condition and repair, and that Lessee is satisfied with and
has accepted the Equipment in such good condition and
repair. At or prior to expiration of such inspection
period, Lessee shall execute and deliver to Lessor the
Certificate of Acceptance. ( Exhibit C attached hereto and
made a part hereof).
(b) Lessor hereby assigns to Lessee for and during
the term of this Lease all manufacturer's warranties and
guarantees, express or implied, with respect to the
Equipment, to the extent such warranties and guarantees are
assignable. Lessee acknowledges that it selected each item
of Equipment based on its own analysis and investigation
from vendors chosen by Lessee and further acknowledges that
Lessor made no representations or warranties in connection
with the Equipment or vendors. LESSOR MARES NO WARRANTY,
EXPRESS OR IMPLIED, WITH RESPECT TO THE EQUIPMENT AND
EXPRESSLY DISCLAIMS ANY WARRANTY REGARDING THE
MERCHANTABILITY OF THE EQUIPMENT, ITS FITNESS FOR A
PARTICULAR PURPOSE, ITS DESIGN, CONDITION OR WORKMANSHIP AND
THE ENFORCEABILITY OF ANY WARRANTY OR GUARANTEE OF THE
MANUFACTURER OF THE EQUIPMENT.
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6. LESSOR'S INSPECTION. Lessor shall at any and all
times during business hours have the right to enter into and
upon the premises where the Equipment may be located for the
purpose of inspecting the same or observing its use.
7. ALTERATIONS. Without the prior written consent of
Lessor, Lessee shall not make any alterations, additions or
improvements to the Equipment.
8. REPAIRS. Lessee, at its own cost and expense, shall
keep the Equipment in good repair and condition and shall bear
all expenses of the maintenance and operation of the
Equipment.
9. INSURANCE; LOSS AND DAMAGE; AGREED OPTION PRICE.
Lessee shall keep the Equipment insured against all risks of
loss or damage by fire and such other risks as are covered by
endorsement commonly known as supplemental or extended
coverage for the greater of the fair market value thereof or
the "Agreed Option Price" set forth in Exhibit B attached
hereto with respect to the Equipment. Lessee shall also carry-
liability and property damage insurance covering the Equipment
in amounts not less than $500,000 in respect of bodily injury
or death to any person, not less than $1,000,000 in respect of
any one accident, and not less than $400,000 in respect of
property damage. All such liability insurance shall insure
both Lessor and Lessee and all such property damage insurance
shall name Lessor as loss payee as its interest may appear.
Lessee may effect such coverages-under its blanket policies.
No loss or damage to the Equipment or any part thereof shall
impair any obligation of the Lessee under this Lease which
shall continue in full force and effect. In the event of loss
or damage of any kind whatever to any item of Equipment, the
proceeds of such insurance shall be applied to any item of
Equipment:
(a) To place the same in good repair, condition and
working order, or replace the same with like Equipment in
good repair, condition and working order; or
(b) If, in the reasonable judgment of Lessor, the
Equipment is determined to be lost, stolen, destroyed or
damaged beyond repair, Lessee shall pay Lessor therefor in
cash, to the extent the insurance proceeds paid to Lessor
may be insufficient, the Agreed Option Price set forth in
Exhibit B determined as of the date of the last full rental
payment made by Lessee, plus interest on such Agreed Option
Price at the rate set forth in Exhibit B from the date of
the last full rental payment until the date of payment for
the Equipment. Upon such payment this Lease shall terminate
with respect to the Equipment so paid for and Lessor will
thereupon execute and deliver to Lessee a bill of sale
transferring such Equipment to Lessee "AS-IS-WHERE-IS,"
WITHOUT WARRANTY, EXPRESS OR IMPLIED, WITH RESPECT TO ANY
MATTER WHATSOEVER.
10. SURRENDER. Except as provided in paragraph 20
hereof, upon the expiration or earlier termination of this
Lease, Lessee shall (unless Lessee has purchased the
Equipment pursuant to paragraphs 9 or 19 hereof) return the
same to Lessor in good repair, condition and working order,
ordinary wear and tear resulting from proper use thereof
excepted, by delivering, at Lessee's sole cost and expense,
possession of the Equipment to Lessor at such place as
Lessor may designate.
11. TAXES AND LIENS.
(a) Lessee agrees to pay and to indemnify and hold
Lessor harmless from all license, sales, use, personal pro-
perty or other taxes together with any penalties, fines or
interest thereon imposed or levied with respect to the
Equipment or the ownership, delivery, lease, possession,
use, operation, sale or the disposition thereof, or upon the
rentals or earnings arising therefrom.
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! •
(b) Lessee shall not directly or indirectly
create, incur, assume or suffer to exist any security
interest, lien or encumbrance on or with respect to any item
of Equipment or any interest therein. Lessee shall
promptly, at its expense, take such action as may be
necessary to discharge any such security interest, lien or
encumbrance as and when the same shall arise.
12. LESSOR'S PAYMENT. In case of the failure of the
Lessee to procure or maintain insurance on the Equipment,
pay taxes on or with respect to the Equipment or maintain
the Equipment free and clear of any security interests,
liens and encumbrances, as herein specified, Lessor shall
have the right, but not be obligated, to effect such
insurance, to pay such taxes and discharge such security
interest, liens and encumbrances and the cost thereof shall
be repayable to Lessor with the next installment of rent.
13. DEFAULT. If the Lessee shall fail to pay the rent
due and payable under Exhibit B attached hereto within ten
(10) days after the same is due and payable, or if the
Lessee shall fail to observe, keep or perform any other pro-
vision of this Lease for a period of ten (10) days after
receipt of written notice thereof, Lessor shall have the
right to exercise any one or more of the following remedies:
(a) To terminate this Lease and to sue for and
recover all rents and other payments then accrued and unpaid
hereunder and all rents-and other payments which will accrue
during the then current fiscal year of Lessee.
(b) To retain all rentals and to take possession
of any or all items or Equipment, without further demand or
notice and without any court order or other process of law,
and either to remove the same or to lease the same to others.
14. TERMINATION FOR NON-APPROPRIATION. It is the
Lessee's intention to make all Lease payments as required
under this Equipment Lease Agreement. The Lessee represents
that the Equipment and its use is essential to the perfor-
mance of a necessary governmental function of the munici-
pality. A statement of essential functions, funding sources,
and estimated useful life of the Equipment are described by
Lessee in Exhibit D and are made a part of this Agreement.
However, if Lessee does not appropriate funds for any fiscal
year of Lessee during the term hereof sufficient to pay the
amounts due hereunder in such fiscal year and Lessee has
exhausted all funds legally available for payments due under
this Lease, Lessee may, by written notice given to Lessor no
less than thirty (30) days after adoption of the budget for
such fiscal year, terminate this Lease with respect to
payments due beyond the end of the then current fiscal year.
Upon such termination, Lessee shall return the Equipment to
Lessor in accordance with paragraph 10 hereof and pay all
rents and other payments due to Lessor for periods prior to
the date the Equipment is so returned to Lessor.
If the provisions of the previous paragraph are
utilized by Lessee, Lessee agrees not to purchase, lease or
rent Equipment performing functions similar to those per-
formed by the Equipment, and agrees not to permit functions
similar to those performed through the use of the Equipment
to be performed by any agency or entity hired by Lessee
until the end of the term of this Lease. The restrictions
imposed by this paragraph shall not apply if the Equipment
shall be sold or otherwise disposed of by Lessor for a net
amount equal to or greater than the then applicable Agreed
Option Price as set forth in Exhibit B. If the net amount
received from such sale or disposition is less than the
Agreed Option Price, Lessee may pay to Lessor the amount of
such deficiency, in which case the restrictions imposed by
this paragraph shall not apply.
15. ASSIGNMENT. Without the prior written consent of
Lessor, Lessee shall neither assign, transfer, pledge or
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hypothecate this Lease, the Equipment or any part thereof,
or any interest therein, nor sublet any item of Equipment.
It is understood that Lessor contemplates assigning this
Lease or interests in the Equipment and that Lessor's
assignee may also assign the same. All rights of Lessor
hereunder may be assigned, transferred, or otherwise
disposed of, either in whole or in part, without notice to
Lessee; provided, however that no assignment of this Lease
or any interest therein shall be made except subject to the
rights granted to the Lessee by virtue of this Lease; and
provided further that no assignee of Lessor shall be obli-
gated to perform any duty, covenant or condition required to
be performed by Lessor under the terms of this Lease.
16. PERSONAL PROPERTY. The Equipment is, and shall at
all times be and remain, personal property notwithstanding
that the Equipment may be affixed or attached to, or
imbedded in, or permanently-resting upon, real property or
any building thereon, or attached in any manner to what is
permanent as by means of cement, plaster, nails, bolts,
screws or otherwise.
17. INDEMNITY; LIMITS OF LIABILITY. Lessee hereby
assumes liability for and agrees to indemnify and hold
Lessor-harmless from and against any and all debts, liabili-
ties, obligations, claims and expenses, including court
costs and attorneys' fees, incurred by or asserted against
Lessor in connection with, arising out of or incident to the
ownership, delivery, lease, possession, use, operation, con-
dition, sale or other disposition of any item of Equipment.
Lessor is not responsible for any repairs or service to the
Equipment or any defects therein. Lessor shall not be
liable for any consequential, incidental or special damages
of any character as a result of or arising out of the lease
of the Equipment, or any item thereof, including loss of
profits, property damage or lost production, whether suf-
fered by Lessee or any other person.
18. INTEREST. Should Lessee fail to pay any part of
the rent herein reserved or any other sum required by Lessee
to be paid to Lessor, within 10 days after the due date
thereof, Lessee shall pay to the Lessor interest on such
delinquent payment from the due date until paid at the rate
of 18%.
19. OPTION. Provided Lessee is not in default in the
performance of its obligations hereunder, Lessee shall have
the option, at any time after one year from the commencement
of this lease to purchase the Equipment for an amount equal
to the Agreed Option Price thereof set forth in Exhibit B at
the date of the last full rental payment, plus interest on
such Agreed Option Price at the rate set forth in Exhibit B
from the date of the last full rental payment until the date
of payment for the Equipment. Such option to purchase the
Equipment shall be exercised by the payment of the Agreed
Option Price plus interest as herein provided to Lessor at
Lessor's office in Denver, Colorado. If Lessee exercises
the option to purchase the Equipment, title thereto shall
thereupon become vested in Lessee and Lessor will thereupon
execute and deliver to Lessee a bill of sale transferring
such Equipment to Lessee "AS-IS-WHERE-IS", WITHOUT WARRANTY,
EXPRESS OR IMPLIED, WITH RESPECT TO ANY MATTER WHATSOEVER.
20. EXPIRATION. If Lessee shall comply with all pro-
visions of this Lease on its part to be kept and performed,
then upon the expiration of this Lease, all right, title and
interest of Lessor in the Equipment subject to this Lease
shall vest in and become the property of Lessee, and Lessor
will thereupon execute and deliver to Lessee a bill of sale
transferring such Equipment to Lessee, "AS-IS-WHERE-IS",
WITHOUT WARRANTY, EXPRESS OR IMPLIED, WITH RESPECT TO ANY
MATTER WHATSOEVER.
0 0
21. TAX EXEMPTION. The "Rent", "Interest", "Agreed
Option Price" and other computations set forth in this Lease
and exhibits attached hereto have been fixed and computed
upon the assumption that the amount designated as "Interest"
will be exempt from federal income taxation and state income
taxation in the hands of the Lessor and its assignees. If
it is determined that such "Interest" payments are not so
exempt, then the items of "Rent", "Interest", "Agreed Option
Price" and related computations payable by the Lessee to
Lessor hereunder shall be adjusted so as to provide Lessor
with the amount of such items as shall equal, on an after
tax basis, the amount thereof set forth in this Lease and
Exhibits attached hereto. The method and timing of the
payment of such adjustment shall be as mutually agreed upon
promptly following notice to Lessee of the need for such
adjustment.
22. FINANCIAL STATEMENTS. Lessee shall furnish to
Lessor, within sixty (60) days after the end of each fiscal
year of Lessee, financial statements of Lessee which shall
include a balance sheet and statement of revenue and expense
of Lessee for the quarter and the year to date and such
other information and reports as Lessor shall reasonably
request. All such financial statements shall be certified
to be true and correct by the appropriate officer of Lessee.
23. CLAIMS. Lessor hereby appoints and constitutes
Lessee as its agent and attorney-in-fact during the term of
this Lease to assert and enforce, at the sole cost and
expense of the Lessee, whatever claims and rights the Lessor
may have as owner of the Equipment against any vendors,
manufacturers, suppliers or contractors in respect thereof.
24. NON-WAIVER. No waiver of any of the Lessee's
obligations under this Lease shall be deemed to take place
unless such waiver has been made in writing and signed by
the Lessor. Failure to exercise any remedy which Lessor may
have under this Lease or any other acquiescence by the
Lessor in any default by the Lessee shall not constitute a
waiver of any obligation of Lessee hereunder, including the
obligation as to which Lessee is in default.
25. CONCURRENT REMEDIES. No right or remedy conferred
upon or reserved to the Lessor in this Lease is exclusive of
any other right or remedy provided or permitted herein by
law or equity; but each shall be cumulative of any other
right or remedy given hereunder, or now or hereafter
existing at law or in equity or by statute or otherwise, and
may be enforced concurrently therewith, or from time to
time.
26. MODIFICATION. This Lease constitutes the entire
agreement between Lessor and Lessee and shall not be
amended, altered or modified except in a writing signed by
the parties hereto.
27. NOTICES. All notices required or permitted
hereunder shall be sufficient if delivered personally or
mailed to the parties at the address hereafter set forth or
at such other address as either party may designate in
writing from time to time. Any such notice shall be effec-
tive 48 hours after it has been deposited in the United
States mail, duly addressed and with postage prepaid.
28. GOVERNING LAW. This Lease and other instruments
or documents executed by the parties hereto, and the rights
and duties of the parties hereto, shall be construed and
enforced in accordance with the laws of the State of
Colorado.
29. TIME. Time is of the essence of this Lease and
each and all of its provisions.
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30. SEVERABILITY. If any provision in this Lease or
the application of such provision to any person or cir-
cumstance shall be invalid, illegal or unenforceable, the
remainder of this Lease or the application of such provision
to persons or circumstances other than those to which it is
invalid, illegal or unenforceable shall not be affected
thereby.
31. ASSIGNMENT BY LESSOR. No assignment or reassign-
ment of any of Lessor's right, title or interest in this
Lease or the Equipment shall be effective unless and until
Lessee shall have received a duplicate original counterpart
of the document by which the assignment or reassignment is
made, disclosing the name and address of each such assignee;
provided, however, that if such assignment is made to a bank
or trust company as paying or escrow agent for holders of
certificates of participation in the Lease, it shall
thereafter be sufficient that a copy of the agency agreement
shall have been deposited with Lessee until Lessee shall have
been advised that such agency agreement is no longer in
effect. During the Lease term Lessee shall keep a complete
and accurate record of all such assignments in form
necessary to comply with the United States Internal Revenue
Code, Section 103(j), and the regulations, proposed or
existing, from time to time promulgated thereunder.
IN WITNESS WHEREOF, the parties hereto have executed
this Lease the day and year first above written.
LESSOR:
COLORADO NATIONAL LEASING, INC.
By
950 Seventeenth Street
Denver, CO 80202
LESSEE:
By
ATTACHMENTS:
Resolution No. of the
Equipment Description (Exhibit A)
Equipment Lease Schedule (Exhibit B)
Certificate of Acceptance (Exhibit C)
Statement of Essential Functions (Exhibit
Opinion of Counsel
Incumbancy Certificate
D)
LEAS£
f 0
EXHIPIT P
EQUIPMENT
LEASE SCHE
DULE
PAYMENT
RENT
DESIGNATED
REDUCTION OF PALANCE OF
AGREED
NO.
PAYMENT
INTEREST
PRINCTPAL
PRINCIPAL
-
OPTION PRICE
INITIAL PALANCE
126,300.00
131,?52.00
1
2,532.00
840.00
1,692.00
124,608.00
129,494.36
2
2,532.00
826.00
1,706.00
122,902.00
127,625.48
3
2,532.00
812.00
1,720.00
121,18.2.00
125,745.36
4
2.532.00
798.00
1,734.00
119,448.00
123,854.01
5
2,532.00
784.00
1,748.00
117,700.00
121,951.41
6
2,532.00
770.00
1,762.00
115,938.00
120,037.57
7
2,532.00
756.00
1,776.00
114,162.00
118,112.50
8
2,532.00
742.00
1,790.00
112,372.00
116,176.18
9
2,532.00
728.00
1,804.00
110,568.00
114,228.63
10
2,532.00
714.00
1,818.00
108,750.00
112,269.84
11
2,532.00
700.00
1,832.00
1+06,918.00
110,299.80
12
2,532.00
686.00
1,846.00
105,072.00
108,318.53
13
2,532.00
672.00
1,860.00
103,212.00
106,326.02
14
2,532.00
658.00
1,874.00
101,338.00
104,322.27
15
2,532.00
644.00
1,88P.00
99,450.00
102,307.28
16
2,532.00
630.00
1,902.00
97,548.00
100,281.05
17
2,532.00
616.00
1,916.00
95,632.00
98,243.58
iP
2,532.00
602.00
1,930.00
93,702.00
96,194.87
19
2,532.00
588.00
1,944.0+0
91,758.00
94,134.92
20
2,532.00
574.00
1,958.00
89,800.00
92,063.74
21
2,532.00
560.00
1,972.00
P7.82P.00
89,981.31
22
2,532.00
546.00
1,986.00
P5,842.0+0
87.887.65
23
2,532.00
532.00
2,00+0.00
83,842.0+0
85,782.74
24
2,532.00
518.00
2,014.00
81,828.00
83,666.60
25
2,532.00
504.00
2,028.00
79,800.00
81,539.21
26
2,532.00
490.00
2,042.00
77.758.00
79,400.59
27
2.532.00
476.00
2,056.00
75,702.00
77,250.73
28
2,532.00
462.00
2,070.00
73,632.00
75,089.63
29
2.532.00
448.00
2,084.00
71,548.00
72.917.29
30
2,532.00
434.00
2,098.00
69.450.00
70,733.70
31
2.532.00
420.00
2,112.00
67,338.00
68,538.89
32
2,532.00
406.00
2,126.00
65,212.0+0
66,332.83
33
2,532.00
392.00
2,140.00
63,072.00
64,115.53
34
2,532.00
378.00
2,154.00
60,918.00
61,886.99
35
2,532.00
364.00
2,168.00
58,750.00
59.647.21
36
2,532.00
350.00
2,182.00
56.568.0+0
57,396.20
37
2,532.0+0
3736.00
2,196.00
54,372.00
55.133.94
38
2,532.00
322.00
2,210.00
52,162.00
52,860.45
39
2,532.00
308.00
2,224.00
49,938.00
50,575.71
40
2,532.00
294.00
2,238.00
47.70+0.0+0
48,279.74
41
2,532.00
280.00
2,252.00
45,448.00
45.972.52
42
2,532.00
266.00
2,266.00
43,182.00
43.654.07
43
2,532.00
252.00
2,280.0+0
40,902.00
41,324.38
44
2,532.00
238.00
2,294.00
38,608.00
38,983.45
45
2,532.00
224.00
2.308.00
36,300.00
36,631.28
46
2,532.00
210.00
2,322.00
33,978.00
34,267.87
47
2,532.00
196.00
2,336.00
31,642.00
31,893.22
48
2.532.00
182.00
2,350.00
29,292.00
29.507.33
49
2.532.00
168.00
2,364.00
26,928.00
27,110.20
50
2,532.00
154.00
2,378.00
24,550.00
24,701.84
51
2,532.00
140.00
2,392.0+0
22,158.00
22,282.23
52
2.532.00
126.00
2,4+06.00
19,752.00
19.851.38
53
2,532.00
112.00
2,420.0+0
17,332.00
17,409.30
54
2,532.00
98.00
2,434.00
14,898.00
14,955.97
'55
2,532.00
84.00
2,448.00
12,450.00
12,491.41
56
2,532.00
70.00
2,462.00
9,988.00
10,015.61
57
2,532.00
56.00
2,476.0+0
7,512.00
7.528.56
58
2,532.00
42.0+0
2,490.00
5.022.00
5,030.28
59
2,532.00
28.00
2,504.00
2,518.00
2.520.76
60
2,532.00
14.00
2,518.00
0.00
.00
UNLESS SOONER TERMINATED AS SET FORTH IN THE LEASE, THE TERM OF THIS LEASE RESPECTING EACF
ITEM OF ECUIPMENT SHALL COMMENCE ON AND EXPIRE ON AS RENT FOR
SAID EC'UIPMENT, LESSEE SHALL PAY LESSOR THE SUM OF ~ 151 ,920 PAYAPLE IN INSTALLMENTS
AS FOLLOWS: 60 monthly PAYMENTS OF $2,532. COMMENCING ON acceptance VIPICH
SAID INSTALLMENTS OF RENT INCLUDE INTEREST AT THE RATE OF 7.8 9, PER ANNUM ON THE PALANCE
OF PRINCIPAL.
® 0
EXHIBIT B
SCHEDULE OF PAYMENTS
Date of Lease
Commencement Date _
Principal Amount Due
Fiscal Year
Total
Due Rental
Date Payment
Amount
Attributable
to Principal
Amount
Attributable
to Interest
Remaining
Principal Option
Balance Price
SEE ATTACHED SCHEDULE INCORPORATED HEREIN BY REFERENCE
The attached Schedule is accepted and acknowledged as part of this
Lease between , Lessee
and , Lessor
BILLING INVOICES SHALL BE SENT AS FOLLOWS:
(MUST BE COMPLETED EVEN IF THE INVOICE ADDRESS IS UNCHANGED FROM
THE ABOVE BUSINESS ADDRESS)
By -
Title
Attn :
Lessor
By
Lessee
Dated
Lease No.
OV v T n T m n
CERTIFICATE OF ACCEPTANCE
The undersigned hereby certifies that it has
received, inspected, approved and hereby accepts delivery of
the following equipment upon the terms and conditions set
forth herein and in that Equipment Lease Agreement dated
between the undersigned and
Colorado National Leasing, Inc., a Colorado corporation:
1. Description of Equipment:
See Exhibit A attached hereto and
by reference made a part hereof
2. Cost:
The cost of the equipment is $
The undersigned further certified that the
foregoing equipment is in good order and condition, and con-
forms to the specifications applicable thereto.
The execution of this Certificate will in no way
relieve or decrease the responsibility of the manufacturer
of the equipment for any warranties it has made with respect
to the same.
The undersigned hereby requests Colorado National
Leasing, Inc. to process payment in the amount of $
to the vendor.
Dated:
By
Lessee
ATTEST:
0
Lease No.
QVUTUTT n
Statement of Essential Functions
Funding Sources and Estimated Useful
Life of Equipment
The essential functions performed by the Equipment described
in Exhibit shall be as follows:
The specific funding sources utilized to make payments under
this Agreement shall be as follows:
The estimated useful life to the Lessee of the Equipment
described in Exhibit is as follows:
Dated:. -
By:
Title: